Homebuyers are among thousands of locals buying up property in Singapore and taking a share of the business not seen in a decade as travel curbs thwart international investors, undeterred by the economic downturn and growing unemployment.
This wide-based purchasing binge, which has driven prices and sales to multi-year peaks, has several comparisons with a bubble in the housing sector seen when Singapore emerged from the global financial crisis in late 2009, which prompted multiple rounds of cooling steps to be introduced by the government to cap rising prices.